Tesco PLC Continuation of Share Buyback Programme
July 29 2024 - 2:00AM
RNS Regulatory News
RNS Number : 0974Y
Tesco PLC
29 July 2024
29 July 2024
Tesco PLC
THIS ANNOUNCEMENT IS FOR INFORMATION PURPOSES
ONLY AND DOES NOT CONSTITUTE AN OFFER FOR SALE OF ANY SECURITIES OR
AN OFFER OR INVITATION TO PURCHASE ANY SECURITIES IN ANY
JURISDICTION OR A SOLICITATION OF ANY VOTE OR APPROVAL. NOT FOR
RELEASE, PUBLICATION OR DISTRIBUTION (DIRECTLY OR INDIRECTLY) IN
WHOLE OR IN PART IN, INTO OR FROM ANY JURISDICTION WHERE TO DO SO
WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OR REGULATIONS OF
THAT JURISDICTION
Tesco PLC
announces continuation of existing £1
billion share buyback programme (the
"Programme").
Further to the announcements made on 10 April
2024 and 22 April 2024, Tesco PLC (the "Company") announces that it
has entered into an arrangement with Goldman Sachs International
("Goldman Sachs") to repurchase shares, together with any other
ordinary shares in the Company (the "Shares") purchased on behalf
of the Company (on a riskless principal basis) on
the London Stock
Exchange, and/or Cboe Europe Limited through the BXE and CXE order
books and/or Turquoise and/or Aquis. The second tranche of this
Programme will be for an aggregate market value of up
to £400
million (the "Second
Tranche"). On 26 July
2024 the company completed the previous tranche of its
Programme. Between 22
April 2024 and 26 July 2024, the Company repurchased 113,117,956
ordinary shares with an approximate market value
of £350
million.
The arrangement allows Goldman Sachs to
purchase Shares on the Company's behalf (on a riskless principal
basis) in accordance with the Company's current buyback authority
granted by shareholders at the Company's 2024 Annual General
Meeting and any subsequent authority and shall be made
independently of and uninfluenced by the Company (including, for
the avoidance of doubt, in the case of any purchases made during
closed periods).
Any share purchases effected pursuant to the
arrangement will be subject to the terms of the arrangement
with Goldman Sachs and in accordance with the terms therein
will be effected in a manner consistent with the general authority
vested in the Company to repurchase shares, the Market Abuse
Regulation 596/2014 as it forms part of UK domestic law and Chapter 12 of the United
Kingdom Listing Rules, which require that the maximum price paid be
limited to be no more than the higher of (i) 105 per cent of the
average middle market closing price of the Company's ordinary
shares for the five trading days on the London Stock Exchange
before the purchase is made, and (ii) the higher of the price of
the last independent trade and the highest current independent bid
on the trading venue where the purchase is carried out. The
aggregate purchase price under this Second Tranche, together with
any other Shares purchased on the Company's behalf pursuant to its
Programme, will not exceed £1 billion.
The sole purpose of these share purchases is to
reduce the Company's share capital.
Tesco contacts:
Investor relations Chris
Griffith
01707 940 900
Media
Simon Rew 0330
678 0639
Tesco PLC's LEI number is:
2138002P5RNKC5W2JZ46
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact
rns@lseg.com or visit
www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our
Privacy
Policy.
END
UPDPPUACMUPCGQQ
Tesco (LSE:TSCO)
Historical Stock Chart
From Jun 2024 to Jul 2024
Tesco (LSE:TSCO)
Historical Stock Chart
From Jul 2023 to Jul 2024